Corcoran Group joins other New York City realtors who offer end-to-end services to help home sellers move their properties faster.
The Realogy-owned company is introducing a new home improvement program called RealVitalize to offer home renovation services and interest-free financing of up to $ 50,000 to sellers who work with its brokers.
The program is led by Angi Homeservices, a publicly traded subsidiary of Barry Diller’s media conglomerate IAC. Angi acts as an online marketplace that helps homeowners find verified providers for non-structural renovation and maintenance, and offers project financing on its platform. Angi also provides users with a project manager to take care of their renovation.
The idea is that homes will sell faster and for more money if basic repairs and upgrades are done before they are sold.
“Your broker will introduce you to your Angi project advisor and this person will take care of everything,” says CEO Oisin Hanrahan.
Any non-structural repair or upgrade can be funded through RealVitalize, and the cost of the work is paid for without interest upon completion. If a seller participating in the program chooses not to renew a listing on Corcoran, they must repay the money at that time.
Gary Malin, COO of Corcoran, said many agents are already giving advice to sellers on how to upgrade and stage their homes so that the RealVitalize program would add “value”. Corcoran agents can also recommend contractors they work with frequently to add them to Angis’ network.
Other New York City-based companies, including Compass and Brown Harris Stevens, have launched similar programs. According to Malin, Corcoran studied such a service for years but had not found the right one. After Realogy partnered with Angi in 2019 and one of its brands, Coldwell Banker, got off to a “hugely successful” start, Corcoran decided to take on the program.
“Without the pandemic, we would probably have rolled that out sooner,” he said. “A lot of owners want to work, but they don’t want to spend the money upfront.”
Malin also emphasized the transparent nature of RealVitalize’s agreements with homeowners.
“It’s all overboard,” he said. “Everyone is aware of the expectations and the triggers for the repayment.”
Contact Erin Hudson